The global touch switches market is expected to grow at a CAGR of 7.21% to reach a total market size of US$508.297 million by 2026 from US$312.227 million in 2019.
A switch is an electric component that is used to control a circuit. It is used in almost all devices and machinery ranging from transistors to computers. Pressing the switch closes the system while releasing it, and reverts the circuit to an open state. With many different kinds of switches available, one of them is the touch switch. As evident, a touch switch operates via touch. They offer a clean, sleek look to the devices mounted. A touch switch can be majorly categorized as a capacitance switch, resistance touch switch, and piezo touch switch.
As the electronic and technical world continues to grow, the demand for touch switches is expected to rise. The advent of an integrated lighting system promotes a lion's share of growth. Individuals use touch screen devices in everyday applications like bank ATMs, metro stations, computerized photograph printers, scanners, and many more. This smart device market is expected to grow at a rapid pace picking up its complementary sectors. Moreover, the rising number of electronic and semiconductor companies is expected to have a positive impact on market growth. Infrastructural projects are anticipated to grow globally and in the Indian context. These developmental activities are expected to surge the global touch switch market.
Innovations like glass panel switches, motion-detecting switches, pop-up switches, and modular switches, are targeting newer audiences. The aesthetic appeals of these switches are largely popular among interior designers and decorators. The remote control facilities through phones and tablets are easing the purpose served with a touch of modernity. These factors additionally lead to new-fangled areas of the market.
By application, industrial and commercial usage increase rapidly, leading to an expansion. By end-user, the consumer electronics and automotive industry is expected to witness the highest CAGR. Geographically, North America is estimated to hold a notable market share owing to the increasingly electronic and semiconductor market. The second growing region Asia Pacific is expected to grow at a high CAGR as they house several market leaders, a growing electronics market, and a rising population.
One of the major factors of the growth of the touch switch market is the increasing usage of the integrated lighting system in various infrastructural projects like ongoing and upcoming smart city projects in developing economies. The smart lighting market is estimated to grow thereby creating new avenues for the switch market.
As there has been a shift to greener lighting options like LED over the past few years, the demand for touch switches has risen complementarily. The global LED market is expected to witness growth, indicating a similar growth in the touch switch market.
The latest technological advancement and expanding electronics and semi-conductor like lighting circuits, comprehensive security systems, medical devices and controls, industrial automation equipment, audio, and broadcasting equipment will exert a positive impact on the market.
The incorporation of touch switches in several devices and structures has stipulated its growth. But it has been observed that this growth has led to an increment in the prices of raw materials which has indirectly led to an increase in the price.
The COVID-19 pandemic has exerted an effect on the global touch switch market. The lockdown imposed has compressed production, distribution, and financial aspects of the market. Also, there have been disruptions in the supply chain of raw materials and resource mobilization.
The market leaders for the Global Touch Switches Market are OMRON Corporation, Schneider Electric, Koninklijke Philips N.V., Siemens AG, NXP Semiconductors, Panasonic Corporation, ABB Group, and, OSRAM GmbH. The key players in the market implement growth strategies such as product launches, mergers, acquisitions, etc. to gain a competitive advantage over their competitors. For Instance,
|Market size value in 2019||US$312.227 million|
|Market size value in 2026||US$508.297 million|
|Growth Rate||CAGR of 7.21% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Application, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||OMRON Corporation, Schneider Electric, Koninklijke Philips N.V., Siemens AG, NXP Semiconductors, Panasonic Corporation, ABB Group, OSRAM GmbH|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global touch switches market?
A1. Touch Switches Market was valued at US$312.227 million in the year 2019.
Q2. What will be the touch switches market size by 2026?
A2. The global touch switches market is expected to reach a market size of US$508.297 million by 2026.
Q3. What are the growth prospects for the touch switches market?
A3. The touch switches market is expected to grow at a CAGR of 7.21% over the forecast period.
Q4. What factors are anticipated to drive the touch switches market growth?
A4. One of the major factors of the growth of the touch switch market is the increasing usage of the integrated lighting system in various infrastructural projects like ongoing and upcoming smart city projects in developing economies.
Q5. Which region holds the maximum market share of the touch switches market?
A5. North America is estimated to hold a notable share of the touch switches market owing to the increasingly electronic and semiconductor market.
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The Threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. GLOBAL TOUCH SWITCH MARKET BY TYPE
5.1. Capacitance Touch Switch
5.2. Resistance Touch Switch
5.3. Piezo Touch Switch
6. GLOBAL TOUCH SWITCH MARKET BY APPLICATION
7. GLOBAL TOUCH SWITCH MARKET BY END-USER INDUSTRY
7.1. Consumer Electronics
8. GLOBAL TOUCH SWITCH MARKET BY GEOGRAPHY
8.2. North America
8.2.1. United States
8.3. South America
8.4.3. United Kingdom
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. COMPETITIVE INTELLIGENCE
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. OMRON Corporation
10.2. Schneider Electric
10.3. Koninklijke Philips N.V.,
10.4. Siemens AG
10.5. NXP Semiconductors
10.6. Panasonic Corporation
10.7. ABB Group
10.8. OSRAM GmbH
Koninklijke Philips N.V.
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